RTTNews | Mar 2, 2021 01:24AM EST

01:23 Tuesday, March 2, 2021 (RTTNews.com) - Baker Hughes (BKR) and Akastor ASA said that they have reached a deal to create a joint venture company that will bring together Baker Hughes' Subsea Drilling Systems business with Akastor's wholly owned subsidiary, MHWirth AS. The company will deliver a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services.

The joint venture company will be owned 50-50 by Baker Hughes and Akastor, and following the closing of the transaction, the Company's operations will be managed from current offices in Houston, Texas, and Kristiansand, Norway. Merrill Miller will serve as chairman and chief executive officer.

The closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in the second half of 2021.

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